Portfolio Update

BLACKROCK WORLD MINING TRUST plc
All information is at 29 February 2012and unaudited.

Performance at month end with net income reinvested
                                 One    Three      One    Three     Five
                               Month   Months     Year    Years    Years
Net asset value* (undiluted)    0.5%     9.2%    -7.9%   162.3%    64.0%
Net asset value* (diluted)      0.5%     9.2%    -7.9%   162.3%    68.9%
Share price*                    5.5%    18.0%    -3.8%   168.8%    75.5%
HSBC Global Mining Index       -0.1%     4.8%   -13.6%   118.6%    74.8%

Sources: BlackRock, HSBC Global Mining Index, Datastream

* Net asset value and share price performance includes the warrant reinvestment,
assuming the 2004 and 2006 bonus warrant entitlement per share was sold and the
proceeds reinvested on the first day of trading.

At month end
Net asset value           Including Income            Capital Only
Undiluted/diluted:                 837.88p*                820.03p
*Includes net revenue of 17.85p

Share price:                       745.00p
Discount to NAV**:                   11.1%
Total assets:                   £1,528.01m
Net yield***:                         1.9%
Gearing:                              2.8%

Ordinary shares in issue:          177,287,242
Ordinary shares held in Treasury:   15,724,600

** Discount to NAV including Income.
*** Based on proposed final ordinary dividend of 14.00p per share in respect of
the year ended 31 December 2011.

Sector                   % Total    Country Analysis          % Total
                          Assets                               Assets

Diversified                 41.5    Global                       45.0
Base Metals                 21.6    Latin America                19.4
Industrial Minerals         12.1    Australasia                  12.0
Gold                         9.1    Other Africa                  9.3
Silver & Diamonds            8.9    South Africa                  6.7
Platinum                     3.2    USA                           1.7
Energy Minerals              2.5    Democratic Republic of Congo  1.4
Net current assets           1.1    Emerging Europe               1.2
                           -----    Republic of Congo             1.0
                           100.0    Canada                        0.7
                           =====    Indonesia                     0.3
                                    Mongolia                      0.2
                                    Net current assets            1.1
                                                                -----
                                                                100.0
                                                                =====

Ten Largest Investments                      % Total
                                               Assets

Company
Rio Tinto                                         8.9
BHP Billiton                                      8.0
Vale                                              7.6
Glencore Finance (Europe) 5% 31/12/14             5.8
First Quantum Minerals                            4.4
Minas Buenaventura                                4.3
Iluka Resources                                   4.2
Fresnillo                                         4.0
Teck Resources                                    3.9
Freeport McMoRan                                  3.6

Commenting on the markets, Evy Hambro, representing the Investment Manager 
noted:

Performance
The agreement of a second bailout for debt-ridden Greece, at €130 billion, and
the arrival of another phase of the ECB's Long Term Refinancing Operations did
much to maintain the market's optimistic tone.  Towards the end of the month,
however, evidence of a more muted return to commodities buying from the Chinese
New Year than had been anticipated from the world's second largest economy and
Ben Bernanke's suggestion that a third wave of quantitative easing from the
Federal Reserve may not be forthcoming, took some of the wind from the sector's
sails.

February was a busy month for company reporting.  With most commodities
averaging significantly higher in 2011 than in 2010, the sector was awash with
record earnings and cash flows numbers.  Gratifying too was mining company
managements' greater willingness to share more of this cash generation with
investors.  Of the four major UK listed diversified miners (Anglo American, BHP
Billiton, Rio Tinto and Xstrata) Xstrata announced the largest increase - a 60%
rise in its final dividend - and Rio Tinto the second with a 34% increase. 

Industrial unrest continues to constrain mining commodity production.  Over
3,000 workers from the BHP Mitsubishi Alliance mines in Australia embarked on a
week-long strike during the month (negotiations have been ongoing for over a
year).  As an aside, adverse weather conditions have also, once again, hindered
production in Australia, particularly of coking coal, although not to the same
degree as in early 2011.  Impala Platinum's Rustenburg mine, the world's
largest platinum mine, has also been hamstrung by a 6 week long strike.  The
strike is estimated to have cost the market around 3,000 oz a day in lost
production.  Worker tension, high power costs, a strong South African Rand and
rumblings about resource nationalisation are some of the major challenges which
confront platinum producers, the vast majority of whom operate in South Africa.
The attractiveness of the commodity relative to the producers has widened: the
fundamentals for platinum show signs of sustainable tightness but the producers
face ever present pressures on their profitability.  Our exposure to the
producers is limited.

The major corporate news of the month was the announcement of a proposed merger
between Glencore and Xstrata.  The proposed all share merger of equals has been
much anticipated after Glencore's high profile public listing in May last year;
Glencore already has a 34% stake in the UK diversified miner.  Under the terms
of the proposal, Xstrata shareholders would receive 2.8 Glencore shares for
each of their existing shares.  The deal will be subject to an Xstrata
shareholder vote which appears likely to take place in late May.  As buying
stacks up well against building at current equity valuations and with balance
sheets well supplied with cash, M&A is likely to be a recurrent theme in the
mining sector.

Strategy/Outlook
The global macro-economic outlook is likely to drive, as it did in 2011, the
near-term performance of the mining sector.

The fundamentals of the sector provide investors with an optimistic outlook:
supply/demand balances in certain commodities are constructive; demand from the
world's largest consumer of commodities, China, is broadly robust; supply
disruptions and challenges (courtesy of factors as various as weather,
declining grades, labour action and infrastructure challenges) played key roles
in keeping prices supported at various stages in 2011 and appear likely to so
again in 2012.

Mining company valuations look attractive across a variety of metrics such as
earnings and cash flow multiples and price to NAV levels.  Balance sheets have
been bolstered by more careful management and record cashflow generation.  M&A
is likely to be a recurrent theme.  Mining managements have also shown
themselves more willing to share that balance sheet strength with investors
through dividends and buybacks, a trend they would do well to continue.

15 March 2012

ENDS

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terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.